Jerry and kramer enter contract

Assignment Help Financial Management

Reference no: EM132061021

1. Jerry and Kramer enter a contract for Jerry to buy Kramer’s pet rooster for $ 30. Kramer changes his mind and no longer wishes to sell the rooster because he bought the rooster only a few months ago from someone else for $300 and the fair market value of the rooster is at least $480. Can Kramer cancel the contract?

a. Yes, because the consideration is unreasonable.

b. Yes, because the contract was not in writing and violates the statute of frauds.

c. No.

d. None of the above.

2. Jerry is angry that Kramer will not sell the rooster. One day, Kramer’s rooster escapes Kramer’s house and runs to a nearby park. Jerry sees the rooster and thinks, “now is my chance!” Jerry grabs the rooster and takes it home. He puts an advertisement on craigslist and sells the rooster for $600. What is Kramer’s best claims against Jerry?

a. Trespass

b. Battery

c. Conversion

d. Trespass to chattel

3. Today is June 10, 2016. Lilly contracted to purchase 500 boxes of beads from the Marshall Bead Company. The parties agreed that Marshall Bead Company would deliver the products on August 1, 2016. If Marshall Bead Company contacts Lilly and says that they will not be able to deliver on August 1, 2016, when can Lilly sue?

a. Never

b. After August 1, 2016 if the beads are not delivered

c. Right away

d. At the end of the year

Reference no: EM132061021

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